Logistics involves the management of business operations, such as the acquisition, storage, transportation and delivery of goods along the supply chain.
Supply chain management is the oversight of materials, information, and finances as they move in a process from supplier to manufacturer to wholesaler to retailer to consumer. Supply chain management involves coordinating and integrating these flows both within and among companies. Supply Chain has a longer-term, broader perspective focused on organisational goals and strategies and meeting external customer's expectations. The strategic perspective on supply goes beyond operational needs into risk management, technology, competitive intelligence, and continuous improvement.
Procurement is a central function which holds information related to the acquisition of goods and services for a company. Procurement departments evaluate the 'total cost of ownership' of products and minimise operational costs. The Procurement function provides assistance in determining alternative acquisition and payment methods and analyses historical information to identify opportunities for cost avoidance; standardising goods and services; implementing pricing agreements for goods and services based on volume or criticality; and company-wide services contracts.
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